Document and entity information |
12 Months Ended |
|---|---|
|
Dec. 31, 2018
shares
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| Document and entity information [abstract] | |
| Document type | 20-F |
| Amendment flag | false |
| Document period end date | Dec. 31, 2018 |
| Document fiscal year focus | 2018 |
| Document fiscal period focus | FY |
| Trading symbol | MTLS |
| Entity registrant name | MATERIALISE NV |
| Entity central index key | 0001091223 |
| Current fiscal year end date | --12-31 |
| Entity well known seasoned issuer | No |
| Entity current reporting status | Yes |
| Entity filer category | Accelerated Filer |
| Entity emerging growth company | true |
| Entity shell company | false |
| Entity ex transition period | false |
| Entity common stock shares outstanding | 52,890,761 |
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- Definition If the value is true, then the document is an amendment to previously-filed/accepted document. No definition available.
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- Definition End date of current fiscal year in the format --MM-DD. No definition available.
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- Definition This is focus fiscal period of the document report. For a first quarter 2006 quarterly report, which may also provide financial information from prior periods, the first fiscal quarter should be given as the fiscal period focus. Values: FY, Q1, Q2, Q3, Q4, H1, H2, M9, T1, T2, T3, M8, CY. No definition available.
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- Definition This is focus fiscal year of the document report in CCYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006. No definition available.
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- Definition The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented. If there is no historical data in the report, use the filing date. The format of the date is CCYY-MM-DD. No definition available.
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- Definition The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'. No definition available.
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- Definition A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Indicate number of shares or other units outstanding of each of registrant's classes of capital or common stock or other ownership interests, if and as stated on cover of related periodic report. Where multiple classes or units exist define each class/interest by adding class of stock items such as Common Class A [Member], Common Class B [Member] or Partnership Interest [Member] onto the Instrument [Domain] of the Entity Listings, Instrument. No definition available.
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- Definition Indicate 'Yes' or 'No' whether registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. This information should be based on the registrant's current or most recent filing containing the related disclosure. No definition available.
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- Definition Indicate if registrant meets the emerging growth company criteria. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Indicate if registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Indicate whether the registrant is one of the following: (1) Large Accelerated Filer, (2) Accelerated Filer, (3) Non-accelerated Filer, (4) Smaller Reporting Company (Non-accelerated), (5) Smaller Reporting Accelerated Filer or (6) Smaller Reporting Company and Large Accelerated Filer. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Indicate if company meets the shell company criteria: a company with no or nominal operations, and with no or nominal assets or assets consisting solely of cash and cash equivalents. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Indicate 'Yes' or 'No' if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Is used on Form Type: 10-K, 10-Q, 8-K, 20-F, 6-K, 10-K/A, 10-Q/A, 20-F/A, 6-K/A, N-CSR, N-Q, N-1A. No definition available.
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- Definition Trading symbol of an instrument as listed on an exchange. No definition available.
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- References No definition available.
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Consolidated income statements - EUR (€) € in Thousands |
12 Months Ended | |||||||
|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
[1] | Dec. 31, 2016 |
|||||
| Consolidated income statements [line item] | ||||||||
| Revenue | € 184,721 | € 142,573 | € 114,477 | |||||
| Cost of sales | (82,299) | (62,952) | (46,706) | |||||
| Gross profit | 102,422 | 79,621 | 67,771 | |||||
| Research and development expenses | (22,416) | (19,959) | (17,682) | |||||
| Sales and marketing expenses | (46,303) | (38,935) | (36,153) | |||||
| General and administrative expenses | (32,310) | (24,876) | (20,041) | |||||
| Net other operating income / (expenses) | 3,771 | 4,541 | [2] | 6,212 | ||||
| Operating (loss) profit | 5,164 | 392 | 107 | |||||
| Financial expenses | (4,864) | (4,728) | (2,437) | |||||
| Financial income | 3,627 | 3,210 | 2,039 | |||||
| Share in loss of joint venture | (475) | (469) | (1,018) | |||||
| (Loss) profit before taxes | 3,452 | (1,595) | (1,309) | |||||
| Income taxes | (425) | (522) | (1,710) | |||||
| Net (loss) profit of the year | 3,027 | (2,117) | (3,019) | |||||
| Net (loss) profit attributable to: | ||||||||
| The owners of the parent | 3,027 | (2,117) | (3,019) | |||||
| Non-controlling interest | € 0 | € 0 | € 0 | |||||
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- Definition The amount of expenses that the entity classifies as being administrative. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The amount of costs relating to expenses directly or indirectly attributed to the goods or services sold, which may include, but are not limited to, costs previously included in the measurement of inventory that has now been sold, unallocated production overheads and abnormal amounts of production costs of inventories. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The amount of costs associated with financing activities of the entity. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The amount of income associated with interest and other financing activities of the entity. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition The amount of revenue less cost of sales. [Refer: Cost of sales; Revenue] Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition The aggregate amount included in the determination of profit (loss) for the period in respect of current tax and deferred tax. [Refer: Current tax expense (income); Deferred tax expense (income)] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The gains (losses) that the entity does not separately disclose in the same statement or note. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition The total of income less expenses from continuing and discontinued operations, excluding the components of other comprehensive income. [Refer: Other comprehensive income] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- References No definition available.
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- Definition The profit (loss) from continuing and discontinued operations attributable to non-controlling interests. [Refer: Profit (loss); Non-controlling interests] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The profit (loss) from continuing and discontinued operations attributable to owners of the parent. [Refer: Profit (loss)] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The profit (loss) before tax expense or income. [Refer: Profit (loss)] Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition The profit (loss) from operating activities of the entity. [Refer: Profit (loss)] Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition The amount of expenditure directly attributable to research or development activities, recognised in profit or loss. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The income arising in the course of an entity's ordinary activities. Income is increases in economic benefits during the accounting period in the form of inflows or enhancements of assets or decreases of liabilities that result in an increase in equity, other than those relating to contributions from equity participants. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The amount of expense relating to the marketing and selling of goods or services. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition The entity's share of the profit (loss) of associates and joint ventures accounted for using the equity method. [Refer: Associates [member]; Investments accounted for using equity method; Joint ventures [member]; Profit (loss)] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- References No definition available.
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Consolidated income statements (Parenthetical) - € / shares |
12 Months Ended | |||||||
|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
[1],[2] | Dec. 31, 2016 |
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| Earnings per share attributable to ordinary owners of the parent [line items] | ||||||||
| Basic | € 0.06 | € (0.04) | € (0.06) | |||||
| Diluted | € 0.06 | € (0.04) | € (0.06) | |||||
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- Definition The amount of profit (loss) attributable to ordinary equity holders of the parent entity (the numerator) divided by the weighted average number of ordinary shares outstanding during the period (the denominator). Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The amount of profit (loss) attributable to ordinary equity holders of the parent entity (the numerator), divided by the weighted average number of ordinary shares outstanding during the period (the denominator), both adjusted for the effects of all dilutive potential ordinary shares. [Refer: Ordinary shares [member]; Weighted average [member]] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- References No definition available.
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Consolidated statements of comprehensive income - EUR (€) € in Thousands |
12 Months Ended | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
||||||||
| Consolidated statements of comprehensive income [line items] | ||||||||||
| Net (loss) profit of the year | € 3,027 | € (2,117) | [1] | € (3,019) | ||||||
| Other comprehensive income (loss) | ||||||||||
| Exchange differences on translation of foreign operations | [2] | (47) | (691) | [3] | (1,833) | |||||
| Other comprehensive (loss) income, net of taxes | (47) | (691) | [3] | (1,833) | ||||||
| Total comprehensive income (loss) | 2,980 | (2,808) | [3] | (4,852) | ||||||
| Total comprehensive (loss) income attributable to: | ||||||||||
| The owners of the parent | 2,980 | (2,808) | [3] | (4,852) | ||||||
| Non-controlling interest | € 0 | € 0 | [3] | € 0 | ||||||
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- Definition The amount of change in equity resulting from transactions and other events, other than those changes resulting from transactions with owners in their capacity as owners. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- References No definition available.
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- Definition The amount of comprehensive income attributable to non-controlling interests. [Refer: Comprehensive income; Non-controlling interests] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The amount of comprehensive income attributable to owners of the parent. [Refer: Comprehensive income] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The gains (losses) recognised in other comprehensive income on exchange differences on the translation of financial statements of foreign operations, net of tax. [Refer: Other comprehensive income] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The amount of income and expense (including reclassification adjustments) that is not recognised in profit or loss as required or permitted by IFRSs. [Refer: IFRSs [member]] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- References No definition available.
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- Definition The total of income less expenses from continuing and discontinued operations, excluding the components of other comprehensive income. [Refer: Other comprehensive income] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- References No definition available.
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Consolidated statement of financial position - EUR (€) € in Thousands |
12 Months Ended | |||||||
|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
[1] | Dec. 31, 2016 |
|||||
| Non-current Assets [Abstract] | ||||||||
| Goodwill | € 17,491 | € 17,552 | € 8,860 | |||||
| Intangible assets | 26,326 | 28,600 | 9,765 | |||||
| Property, plant and equipment | 92,537 | 87,065 | 45,063 | |||||
| Investments in joint ventures | 0 | 31 | 0 | |||||
| Deferred tax assets | 315 | 304 | 336 | |||||
| Other non-current assets | 7,237 | 3,667 | 2,154 | |||||
| Total non-current assets | 143,906 | 137,219 | 66,178 | |||||
| Current assets [Abstract] | ||||||||
| Inventories and contracts in progress | 9,986 | 11,027 | 7,870 | |||||
| Trade receivables | 36,891 | 35,582 | 27,479 | |||||
| Other current assets | 6,936 | 7,675 | [2] | 4,481 | ||||
| Cash and cash equivalents | 115,506 | 43,175 | 55,912 | |||||
| Total current assets | 169,319 | 97,459 | 95,742 | |||||
| Total assets | 313,225 | 234,678 | 161,920 | |||||
| Equity [Abstract] | ||||||||
| Share capital | 3,050 | 2,729 | 2,729 | |||||
| Share premium | 136,637 | 79,839 | 79,019 | |||||
| Consolidated reserves | (1,848) | (3,711) | (1,603) | |||||
| Other comprehensive income | (1,850) | (1,803) | (1,112) | |||||
| Equity attributable to the owners of the parent | 135,989 | 77,054 | 79,033 | |||||
| Total equity | 135,989 | 77,054 | 79,033 | |||||
| Non-current liabilities [Abstract] | ||||||||
| Loans and borrowings | 92,440 | 81,788 | 28,267 | |||||
| Deferred tax liabilities | 6,226 | 7,415 | 1,325 | |||||
| Deferred income | 4,587 | 3,768 | 3,588 | |||||
| Other non-current liabilities | 868 | 1,904 | 1,873 | |||||
| Total non-current liabilities | 104,121 | 94,875 | 35,053 | |||||
| Current liabilities [Abstract] | ||||||||
| Loans and borrowings | 13,598 | 12,769 | 5,539 | |||||
| Trade payables | 18,667 | 15,670 | 13,400 | |||||
| Tax payables | 2,313 | 2,023 | 926 | |||||
| Deferred income | 23,195 | 18,791 | 17,822 | |||||
| Other current liabilities | 15,342 | 13,496 | 10,147 | |||||
| Total current liabilities | 73,115 | 62,749 | 47,834 | |||||
| Total equity and liabilities | € 313,225 | € 234,678 | € 161,920 | |||||
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- Definition The amount of accumulated items of income and expense (including reclassification adjustments) that are not recognised in profit or loss as required or permitted by other IFRSs. [Refer: IFRSs [member]; Other comprehensive income] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition The amount of resources: (a) controlled by the entity as a result of past events; and (b) from which future economic benefits are expected to flow to the entity. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The amount of cash on hand and demand deposits, along with short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value. [Refer: Cash; Cash equivalents] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The amount of assets that the entity (a) expects to realise or intends to sell or consume in its normal operating cycle; (b) holds primarily for the purpose of trading; (c) expects to realise within twelve months after the reporting period; or (d) classifies as cash or cash equivalents (as defined in IAS 7) unless the asset is restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period. [Refer: Assets] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- References No definition available.
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- Definition The amount of current borrowings and current portion of non-current borrowings. [Refer: Borrowings] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition The amount of liabilities that: (a) the entity expects to settle in its normal operating cycle; (b) the entity holds primarily for the purpose of trading; (c) are due to be settled within twelve months after the reporting period; or (d) the entity does not have an unconditional right to defer settlement for at least twelve months after the reporting period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- References No definition available.
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- Definition The current amount of current tax liabilities. [Refer: Current tax liabilities] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The amount of current trade receivables. [Refer: Trade receivables] Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition The amount of deferred income classified as current. [Refer: Deferred income] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition The amount of deferred income classified as non-current. [Refer: Deferred income] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition The amounts of income taxes recoverable in future periods in respect of: (a) deductible temporary differences; (b) the carryforward of unused tax losses; and (c) the carryforward of unused tax credits. [Refer: Temporary differences [member]; Unused tax credits [member]; Unused tax losses [member]] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The amounts of income taxes payable in future periods in respect of taxable temporary differences. [Refer: Temporary differences [member]] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The amount of residual interest in the assets of the entity after deducting all its liabilities. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- References No definition available.
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- Definition The amount of the entity's equity and liabilities. [Refer: Equity; Liabilities] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The amount of equity attributable to the owners of the parent. This specifically excludes non-controlling interest. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The amount of assets representing the future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognised. [Refer: Business combinations [member]] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The amount of identifiable non-monetary assets without physical substance. This amount does not include goodwill. [Refer: Goodwill] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The amount of current inventories. [Refer: Inventories] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The amount of investments in subsidiaries, joint ventures and associates in an entity's separate financial statements. [Refer: Associates [member]; Joint ventures [member]; Subsidiaries [member]; Investments in subsidiaries] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The nominal value of capital issued. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition The non-current portion of non-current borrowings. [Refer: Borrowings] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition The amount of assets that do not meet the definition of current assets. [Refer: Current assets] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- References No definition available.
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- Definition The amount of liabilities that do not meet the definition of current liabilities. [Refer: Current liabilities] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- References No definition available.
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- Definition The amount of current assets that the entity does not separately disclose in the same statement or note. [Refer: Current assets] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition The amount of current liabilities that the entity does not separately disclose in the same statement or note. [Refer: Current liabilities] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition The amount of non-current assets that the entity does not separately disclose in the same statement or note. [Refer: Non-current assets] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition The amount of non-current liabilities that the entity does not separately disclose in the same statement or note. [Refer: Non-current liabilities] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition The amount of tangible assets that: (a) are held for use in the production or supply of goods or services, for rental to others, or for administrative purposes; and (b) are expected to be used during more than one period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The amount received or receivable from the issuance of the entity's shares in excess of nominal value. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition The current amount of payment due to suppliers for goods and services used in entity's business. [Refer: Current liabilities; Trade payables] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- References No definition available.
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Consolidated statement of changes in equity - EUR (€) € in Thousands |
Share capital [Member] |
Share premium [Member] |
Consolidated reserves [Member] |
Other comprehensive income [Member] |
Total equity attributable to the owners of the parents [member] |
Non-controlling interest [Member] |
Total equity [Member] |
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|---|---|---|---|---|---|---|---|---|---|---|---|---|
| At beginnig of the period at Dec. 31, 2015 | € 2,729 | € 78,098 | € 1,407 | € 721 | € 82,955 | € 0 | € 82,955 | |||||
| Net loss for the year | 0 | 0 | (3,019) | 0 | (3,019) | 0 | (3,019) | |||||
| Other comprehensive (loss) income, net of taxes | 0 | 0 | 0 | (1,833) | (1,833) | 0 | (1,833) | |||||
| Total comprehensive income (loss) | 0 | 0 | (3,019) | (1,833) | (4,852) | 0 | (4,852) | |||||
| Equity-settled share-based payment expense | 0 | 921 | 9 | 0 | 930 | 0 | 930 | |||||
| At end of the period at Dec. 31, 2016 | 2,729 | 79,019 | (1,603) | (1,112) | 79,033 | 0 | 79,033 | |||||
| Net loss for the year | [1] | 0 | 0 | (2,117) | 0 | (2,117) | 0 | (2,117) | ||||
| Other comprehensive (loss) income, net of taxes | 0 | 0 | 0 | (691) | (691) | 0 | (691) | |||||
| Total comprehensive income (loss) | [1] | 0 | 0 | (2,117) | (691) | (2,808) | 0 | (2,808) | ||||
| Equity-settled share-based payment expense | 0 | 820 | 9 | 0 | 829 | 0 | 829 | |||||
| At end of the period at Dec. 31, 2017 | [1] | 2,729 | 79,839 | (3,711) | (1,803) | 77,054 | 0 | 77,054 | ||||
| IFRS 15 - impact on operning reserves | [2] | 0 | 0 | (1,173) | 0 | (1,173) | 0 | (1,173) | ||||
| Adjusted equity At January 1, 2018 | 2,729 | 79,839 | (4,884) | (1,803) | 75,881 | 0 | 75,881 | |||||
| Net loss for the year | 0 | 0 | 3,027 | 0 | 3,027 | 0 | 3,027 | |||||
| Other comprehensive (loss) income, net of taxes | 0 | 0 | 0 | (47) | (47) | 0 | (47) | |||||
| Total comprehensive income (loss) | 0 | 0 | 3,027 | (47) | 2,980 | 0 | 2,980 | |||||
| Capital increase in cash - public offering | 312 | 59,575 | 0 | 0 | 59,887 | 0 | 59,887 | |||||
| Capital increase through excercise of warrants | 9 | 593 | 0 | 0 | 602 | 0 | 602 | |||||
| Costs from capital increase | 0 | (4,003) | 0 | 0 | (4,003) | 0 | (4,003) | |||||
| Equity-settled share-based payment expense | 0 | 633 | 9 | 0 | 642 | 0 | 642 | |||||
| At end of the period at Dec. 31, 2018 | € 3,050 | € 136,637 | € (1,848) | € (1,850) | € 135,989 | € 0 | € 135,989 | |||||
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- Definition The amount of change in equity resulting from transactions and other events, other than those changes resulting from transactions with owners in their capacity as owners. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The amount of residual interest in the assets of the entity after deducting all its liabilities. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The increase (decrease) in equity resulting from the exercise of warrants. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition The increase in equity through other contributions by owners that the entity does not separately disclose in the same statement or note. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The increase (decrease) in equity resulting from share-based payment transactions. [Refer: Equity] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The amount of income and expense (including reclassification adjustments) that is not recognised in profit or loss as required or permitted by IFRSs. [Refer: IFRSs [member]] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The total of income less expenses from continuing and discontinued operations, excluding the components of other comprehensive income. [Refer: Other comprehensive income] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The amount of cost related to the issuance of shares. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition Adjustments for amortisation expense to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Profit (loss); Depreciation and amortisation expense] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition Adjustments for decrease (increase) in inventories to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Inventories; Profit (loss)] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition Adjustments for decrease (increase) in trade and other receivables to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Trade and other receivables; Profit (loss)] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition Adjustments for depreciation expense to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Profit (loss)] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition Adjustments for fair value losses (gains) to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Profit (loss)] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition Adjustments for finance costs to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Finance costs; Profit (loss)] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition Adjustments for finance income to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Finance income; Profit (loss)] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition Adjustments for gain (loss) on disposals of property, plant and equipment to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Profit (loss); Property, plant and equipment; Disposals, property, plant and equipment] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition Adjustments for impairment loss (reversal of impairment loss) on trade and other receivables recognised in profit or loss to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Trade and other receivables; Impairment loss; Adjustments for impairment loss (reversal of impairment loss) recognised in profit or loss; Impairment loss (reversal of impairment loss) recognised in profit or loss] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition Adjustments for income tax expense to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Profit (loss)] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Adjustments for increase (decrease) in trade and other payables to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Trade and other payables; Profit (loss)] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition Adjustments for provisions to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Provisions; Profit (loss)] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition Adjustments for share-based payments to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Profit (loss)] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition Adjustments for unrealised foreign exchange losses (gains) to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Profit (loss)] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition The amount of cash on hand and demand deposits, along with short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value. [Refer: Cash; Cash equivalents] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The cash flows from (used in) financing activities, which are activities that result in changes in the size and composition of the contributed equity and borrowings of the entity. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The cash flows from (used in) investing activities, which are the acquisition and disposal of long-term assets and other investments not included in cash equivalents. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The cash flows from (used in) operating activities, which are the principal revenue-producing activities of the entity and other activities that are not investing or financing activities. [Refer: Revenue] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The effect of exchange rate changes on cash and cash equivalents held or due in a foreign currency. [Refer: Cash and cash equivalents] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The cash flows from income taxes paid or refunded, classified as operating activities. [Refer: Income taxes paid (refund)] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The increase (decrease) in cash and cash equivalents before the effect of exchange rate changes on cash and cash equivalents held in foreign currencies. [Refer: Cash and cash equivalents; Effect of exchange rate changes on cash and cash equivalents] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The cash inflow from interest received, classified as investing activities. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Adjustments for non-cash items to reconcile profit (loss) to net cash flow from (used in) operating activities that the entity does not separately disclose in the same statement or note. [Refer: Profit (loss)] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition The cash outflow to acquire equity or debt instruments of other entities (other than payments for those instruments considered to be cash equivalents or those held for dealing or trading purposes), classified as investing activities. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition The cash outflow to acquire interests in joint ventures (other than payments for those instruments considered to be cash equivalents or those held for dealing or trading purposes), classified as investing activities. [Refer: Joint ventures [member]] Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition Inflows (outflows) of cash, classified as financing activities, that the entity does not separately disclose in the same statement or note. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The cash inflow from sales of property, plant and equipment, classified as investing activities. [Refer: Property, plant and equipment] Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition The total of income less expenses from continuing and discontinued operations, excluding the components of other comprehensive income. [Refer: Other comprehensive income] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The cash outflow for the purchases of intangible assets, classified as investing activities. [Refer: Intangible assets other than goodwill] Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition The cash outflow for the purchase of investments other than investments accounted for using equity method. [Refer: Investments accounted for using equity method; Investments other than investments accounted for using equity method] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition The cash outflow for the purchases of property, plant and equipment, classified as investing activities. [Refer: Property, plant and equipment] Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition The cash outflow to settle borrowings, classified as financing activities. [Refer: Borrowings] Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition The entity's share of the profit (loss) of associates and joint ventures accounted for using the equity method. [Refer: Associates [member]; Investments accounted for using equity method; Joint ventures [member]; Profit (loss)] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Details
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Corporate information |
12 Months Ended | ||
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Dec. 31, 2018 | |||
| Corporate information [abstract] | |||
| Disclosure of notes and other explanatory information [text block] |
Materialise NV is a limited liability company with its registered office at Technologielaan 15, 3001 Leuven, Belgium. The consolidated financial statements comprise Materialise NV (the “Company” or “Parent”) and its subsidiaries (collectively, the “Group”). See Note 28 for a list of subsidiaries of the Company. The Group is a leading provider of additive manufacturing (AM) software and of sophisticated 3D printing services. The products and services of the Group are organized in the three segments: Materialise Medical, Materialise Software and Materialise Manufacturing. The Group sells its products in Europe, the Americas, Africa and Asia-Pacific. The consolidated financial statements of the Group for the year ended December 31, 2018 were approved and authorized for issue on April 30, 2019 in accordance with a resolution of the Parent’s Board of Directors. |
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Basis of preparation |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Basis of preparation | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Disclosure of basis of preparation of financial statements [text block] |
The consolidated financial statements of the Group for the three years ended December 31, 2018, 2017 and 2016 were prepared in accordance with the International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB) (collectively “IFRS”) and with International Financial Reporting Standards (IFRS) as adopted by the European Union (“EU-IFRS”). These consolidated financial statements have been prepared on a historical cost basis, except for the assets and liabilities that have been acquired as part of a business combination which have been initially recognized at fair value and certain financial instruments which are measured at fair value. The consolidated financial statements are presented in thousands of euros (K€ or thousands of €) and all “currency” values are rounded to the nearest thousand (€000), except when otherwise indicated. The preparation of financial statements in compliance with adopted IFRS requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group’s accounting policies. The areas where significant judgment and estimates have been made in preparing the financial statements and their effect are disclosed in Note 3. New standards, interpretations and amendments adopted by the Group The Group has adopted the following new and revised standards and interpretations issued by the IASB and IFRIC that are relevant to its operations and effective for accounting periods beginning on January 1, 2018.
Several other amendments and interpretations apply for the first time in 2018, but do not have an impact on the consolidated financial statements of the Group. The Group has not early adopted any standards, interpretations or amendments that have been issued but are not yet effective. The application of the above relevant new standards and interpretations are explained below. IFRS 9 Financial instruments In July 2014, the IASB issued the final version of IFRS 9 Financial Instruments, or IFRS 9, that replaces IAS 39 Financial Instruments: Recognition and Measurement and all previous versions of IFRS 9. IFRS 9 brings together all three aspects of the accounting for financial instruments project: classification and measurement, impairment and hedge accounting. We have adopted the new standard on the required effective date retrospectively, with an initial application date of January 1, 2018.
The Group did not have a significant impact on its consolidated income statement, consolidated statement of comprehensive income, consolidated statement of financial position or consolidated statement of changes in equity on applying the classification and measurement requirements of IFRS 9. It continues to measure at fair value all financial assets currently measured at fair value. The equity shares in non-listed companies are intended to be held for the foreseeable future and are designated at fair value through OCI. Current and non-current trade receivables are held to collect contractual cash flows and are expected to give rise to cash flows representing solely payments of principal and interest. The Group continues to measure these at amortized cost under IFRS 9. Following the assessment of the contractual cash flow characteristics of its debt instruments, the Group concluded that the loans and trade receivables can be classified at amortized cost measurement under IFRS 9.
IFRS 9 requires us to record expected credit losses on all of our debt securities, loans and trade receivables, either on a 12-month or lifetime basis. We have applied the simplified approach and record lifetime expected losses on all trade receivables. The lifetime expected losses are determined based on a provision matrix applied to each of the trade receivable aging buckets. We have applied the transition exception as foreseen in IFRS 9 whereby the application of IFRS 9 “impairment” does not need to be recorded retroactively for all reporting periods presented as we cannot avoid the use of hindsight. The application of IFRS 9 resulted in an additional expense/provision of K€340 in 2018 on our consolidated income statement, consolidated statement of comprehensive income, consolidated statement of financial position and consolidated statement of changes in equity. The impact on the initial date of application was not material. We refer to Note 3 for the accounting policy on the financial assets and liabilities.
The Group does not apply hedge accounting for its derivatives. Derivatives are measured at fair value with changes through the consolidated income statement. IFRS 15 Revenue from Contracts with Customers IFRS 15 Revenue from Contracts with Customers, or IFRS 15, was issued in May 2014 and establishes a five-step model to account for revenue arising from contracts with customers. Under IFRS 15, revenue is recognized at an amount that reflects the consideration to which an entity expects to be entitled in exchange for transferring goods or services to a customer. The standard provides a single, principles based five-step model to be applied to all contracts with customers as follows:
The new revenue standard has superseded all current revenue recognition requirements under IFRS. We have adopted the new standard on the required effective date of January 1, 2018 and have applied the modified retrospective transition method to those contracts that were not completed at January 1, 2018. When applying the modified retrospective transition method, the cumulative effect of initially applying IFRS 15 is recognized as an adjustment to the opening balance of our consolidated reserves in 2018. The effect of adopting IFRS 15 is as follows: OEM software license and distribution agreements We regularly enter into software license and distribution agreements that may include the right for a partner to embed the Materialise software in its own property software or machine, that is marketed and sold to end-customers. Typically, those contracts provide a license to use and market the software, training and one year of maintenance and support service. Those performance obligations are “distinct”. Certain contracts may also include development services. Those development services are in general also “distinct” services except in case the customer cannot benefit from the license with readily available resources without the development services and the development services significantly customize/modify the existing license. In that case, those development services are combined with the license and recognized over the term of the license. Those agreements may also provide for step-based volume discounts when certain sales targets are achieved and discounts when certain development revenue is achieved. Prior to adopting IFRS 15, volume discounts were recognized based on a reasonable estimate of the volume discounts to be paid and deducted from revenue over the contract period (based on sales). Certain other discounts were immediately deducted in full from revenue when they are expected to be met. Under IFRS 15, the transaction price will include an estimate of all the discounts payable under the contract period and will be subsequently allocated to the performance obligations. The impact on revenue was however not material as of January 1, 2018. Medical partner license, supply and distribution agreements Medical partner license, supply and distribution agreements generally include a time-based license for online order management system and surgical guide planning software, surgical guide development services and 3D printing, training, set-up and on boarding services and maintenance services. The consideration for the license is in general included within the price for a surgical guide (whether or not via an explicit royalty added to the price). The accounting prior to adoption of IFRS 15 is not significantly different than under IFRS 15, except for:
The impact on January 1, 2018 of the above differences on revenue is K€323 additional deferred revenue. One contract with a non-cancellable contract period of 10 years had an up-front non-refundable fee for exclusivity for a total of €2.25 million. Prior to adopting IFRS 15, this fee has been fully recognized in previous years (from 2010 onwards). Under IFRS 15, this fee will be included in the transaction price and allocated to the “distinct” performance obligations of the contract which are primarily software license, surgical guides services and printing, maintenance, and development services. The impact of this difference on January 1, 2018 is a higher deferred revenue of K€850 with a debit of the accumulated deficit for the same amount. This deferred revenue will be recognized in revenue over the next three years. Other revenue streams IFRS 15 is not expected to have significant impacts on our other revenue streams such as 3D print products and software license and related maintenance. Impact Based on our above detailed assessment, the cumulative effect recognized in retained earnings as of January 1, 2018 is as follows (positive is a debit):
The following table summarises the impact of adopting IFRS 15 on the Group’s consolidated statement of financial position as at December 31, 2018 and its consolidated income statement for the year then ended. There was no material impact on the Group’s statement of cash flows for the year ended December 31, 2018, except on the impact of the deferred income on the line "net profit of the year" fully compensated by the impact on the line "Increase in trade payables and other payables."
Restatements in the reporting year 2017 The Group has restated the reporting year 2017 for the following impacts:
As of October 4, 2018, we completed the fair value analysis of the ACTech business combination, with corresponding adjustments to intangible assets, goodwill, property, plant and equipment, inventories and contracts in progress, other current assets, investment grants and tax payables as if the accounting for the business combination had been completed at acquisition date. The impact has been accounted for as retrospective adjustments to our consolidated statement of financial position as of December 31, 2017 and our consolidated income statement for the year ended December 31, 2017. Furthermore it includes an adjustment to the inventory valuation at ACTech as at December 31, 2017, with a total impact on the consolidated reserves for the year amounted to K€ (461). We refer to Note 4 for a detailed discussion of the ACTech business combination.
The impact of the restatements on the consolidated statement of financial position as of December 31, 2017 and the consolidated income statement for the year ended December 31, 2017 is as follows:
The consolidated income statement of the year ended December 31, 2016 has not been restated. The total impact on the net other operating income/(expenses) was immaterial for the year 2016 and therefore such amount has not been reclassified. A * mark has been added next to the year 2017 in tables in the notes when the year has been impacted by the restatement. |
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- Definition The disclosure of the basis used for the preparation of the financial statements. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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Summary of significant accounting policies |
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| Summary of significant accounting policies [abstract] | |||
| Disclosure of significant accounting policies [text block] |
Basis for consolidation The consolidated financial statements comprise the financial statements of the Group and its subsidiaries. Entities are fully consolidated from the date of acquisition, which is the date when the Group obtains control, and continue to be consolidated until the date when such control ceases. The financial statements of the entities are prepared for the same reporting period as the parent company, using consistent accounting policies. All intra-Group balances, transactions, unrealized gains and losses resulting from intra-Group transactions and dividends are fully eliminated. The Group attributes profit or loss and each component of other comprehensive income to the owners of the parent company and to the non-controlling interest based on present ownership interests, even if the results in the non-controlling interest have a negative balance. A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction. If the Group loses control over the subsidiary, it will derecognize the assets (including goodwill) and liabilities of the subsidiary, any non-controlling interest and the other components of equity related to the subsidiary. Any surplus or deficit arising from the loss of control is recognized in profit or loss. If the Group retains an interest in the previous subsidiary, then such interest is measured at fair value at the date the control is lost. The proportion allocated to the parent and non-controlling interests in preparing the consolidated financial statements is determined based solely on present ownership interests. There are no significant changes to the consolidated scope occurred in 2018. Non-controlling interests The Group has the choice, on a transaction by transaction basis, to initially recognize any non-controlling interest in the acquiree which is a present ownership interest and entitles its holders to a proportionate share of the entity’s net assets in the event of liquidation at either acquisition date fair value or, at the present ownership instruments’ proportionate share in the recognized amounts of the acquiree’s identifiable net assets. Other components of non-controlling interest such as outstanding share options are generally measured at fair value. The Group has not elected to take the option to use fair value in acquisitions completed to date and currently does not have non-controlling interest resulting from business combinations. Foreign currency translation The Group’s consolidated financial statements are presented in euros, which is also the parent company’s functional currency. For each entity, the Group determines the functional currency, and items included in the financial statements of each entity are measured using the functional currency. Financial statements of foreign subsidiaries Foreign subsidiaries use the local currencies of the country where they operate. The statement of financial position is translated into euro at the closing rate on the reporting date and their income statement is translated at the average exchange rate at each month-end. Differences resulting from the translation of the financial statements of said subsidiaries are recognized in other comprehensive income as “exchange differences on translation of foreign operations”. Foreign currency transactions Transactions denominated in foreign currencies are translated into euro at the exchange rate at the end of the previous month-end. Monetary items in the statement of financial position are translated at the closing rate at each reporting date and the relevant translation adjustments are recognized in financial or operating result depending on its nature. Business combinations and goodwill Business combinations are accounted for using the acquisition method at the acquisition date, which is the date at which the Group obtains control over the entity. The cost of an acquisition is measured as the amount of the consideration transferred to the seller, measured at the acquisition date fair value, and the amount of any non-controlling interest in the acquiree. The Group measures goodwill initially at cost at the acquisition date, being:
Goodwill is recognized as an intangible asset with any impairment in carrying value being charged to the consolidated income statement. Where the fair value of identifiable assets, liabilities and contingent liabilities exceed the fair value of consideration paid, the excess is credited in full to the consolidated income statement on acquisition date. Acquisition costs incurred are expensed and included in general and administrative expenses. Any contingent consideration to be transferred by the acquirer will be recognized at fair value at the acquisition date. Subsequent changes to the fair value of the contingent consideration, which is deemed to be an asset or liability, will be recognized either as a profit or loss or as a change to other comprehensive income. If the contingent consideration is classified as equity, it should not be re-measured until it is finally settled within equity. Acquisition of non-controlling interests are accounted for as an equity transaction. Investments in joint ventures The Group carries investment in a joint venture (RS Print NV). The Group’s investments in its joint venture is accounted for using the equity method. Under the equity method, the investment in the joint venture was initially recognized at cost. The carrying amount of the investment is adjusted to recognize changes in the Group’s share of net assets of the joint venture since the acquisition date. Goodwill relating to the joint venture is included in the carrying amount of the investment and is not tested for impairment individually. The income statement reflects the Group’s share of the results of operations of the joint venture. Any change in other comprehensive income of the joint venture is presented as part of the Group’s other comprehensive income. In addition, when there has been a change recognized directly in the equity of the joint venture, the Group recognizes its share of the change in the statement of changes in equity. Unrealized gains and losses resulting from transactions between the Group and the joint venture are eliminated to the extent of the interest in the joint venture. After application of the equity method, the Group determines whether it is necessary to recognize an impairment loss on its investment in its joint venture. At each reporting date, the Group determines whether there is objective evidence that the investment in the joint venture is impaired. If there is such evidence, the Group calculates the amount of impairment as the difference between the recoverable amount of the Group’s interest in the joint venture (higher of value in use and fair value less costs to sell), and then recognizes the loss as ‘Share of profit or loss of joint ventures’ in the income statement. Property, plant & equipment Property, plant and equipment is stated at cost, net of accumulated depreciation and/or accumulated impairment losses, if any. Such cost includes borrowing costs directly attributable to construction projects if the asset necessarily takes a substantial period of time to get ready for its intended use, it is probable that they will result in future economic benefits to the group and the cost can be measured reliably. When significant parts of property, plant and equipment are required to be replaced at intervals, the Group recognizes such parts as individual assets with specific useful lives and depreciates them accordingly. Likewise, when a major inspection is performed, its cost is recognized in the carrying amount of the property, plant and equipment as a replacement if the recognition criteria are satisfied. All other repair and maintenance costs are recognized in the income statement as incurred. Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets as follows:
Land is not depreciated. A leased asset is depreciated over the useful life of the asset. However, if there is no reasonable certainty that the Group will obtain ownership by the end of the lease term, the asset is depreciated over the shorter of the estimated useful life of the asset or the lease term. An item of property, plant and equipment and any significant part initially recognized is derecognized upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the income statement when the asset is derecognized. The assets’ residual values, useful lives and methods of depreciation are reviewed at each financial year-end and adjusted prospectively, if appropriate. Leases The determination of whether an arrangement is, or contains, a lease is based on the substance of the arrangement at the inception date, whether fulfilment of the arrangement is dependent on the use of a specific asset or assets or the arrangement conveys a right to use the asset, even if that right is not explicitly specified in an arrangement. Finance leases which transfer to the Group substantially all the risks and benefits incidental to ownership of the leased item, are capitalized at the commencement of the lease at the fair value of the leased item or, if lower, at the present value of the minimum lease payments. Lease payments are apportioned between finance charges and reduction of the lease liability so as to achieve a constant rate of interest on the remaining balance of the liability. Finance charges are recognized as financial expenses in the consolidated income statement. Where substantially all of the risks and rewards incidental to ownership are not transferred to the Group (an “operating lease”), the total rentals payable under the lease are charged to the consolidated income statement on a straight-line basis over the lease term. The aggregate benefit of lease incentives is recognized as a reduction of the rental expense over the lease term on a straight-line basis. Borrowing costs Borrowing costs directly attributable to the acquisition, construction or production of a qualified asset that necessarily takes a substantial period of time to prepare for its intended use or sale are capitalized as part of the cost of the respective assets. All other borrowing costs are expensed in the period they occur. Borrowing costs consist of interest and other costs that an entity incurs in connection with the borrowing of funds. Research and development Research and development includes the costs incurred by activities related to the development of software solutions (new products, updates and enhancements), guides and other products. Development activities involve the application of research findings or other knowledge to a plan or a design of new or substantially improved (software) products before the start of the commercial use. Development expenditures on an individual project are recognized as an intangible asset when the Group can demonstrate:
The Group has determined that the conditions for recognizing internally generated intangible assets from proprietary software, guide and other product development activities are not met until shortly before the products are available for sale, unless either (i) the Group has strong evidence that the above criteria are met and a detailed business plan is available showing the asset will on a reasonable basis generate future economic benefits or (ii) the development is done based upon specific request of the customer, it is highly likely that the Group will be able to market the product also to other parties than the customer, the development is subject to an agreement and the substance of the agreement is that the customer reimburses the Group for a significant portion, but not all, of the development expenses incurred. As such, development expenditures not satisfying the above criteria and expenditures on the research phase of internal projects are recognized in the consolidated income statement as incurred. Internally generated intangible assets from proprietary software are amortized over their useful lives, starting from the moment they are ready for use/available for sale. Following initial recognition of the development expenditure as an asset, the asset is carried at cost less any accumulated amortisation and accumulated impairment losses. Amortisation of the asset begins when development is complete and the asset is available for use. It is amortised over the period of expected future benefit, which is determined on a project-by-project basis. Amortisation is recorded in cost of sales. During the period of development, the asset is tested for impairment annually. Intangible assets other than goodwill and capitalized development expenditures Intangible assets comprise acquired technology and customer portfolio, patents and licenses, goodwill and technology and customers acquired in connection with business combinations. Those intangible assets are measured on initial recognition at cost, except for the acquired technology and customers arising from business combinations, which are measured initially at fair value. Following initial recognition, intangible assets other than goodwill are carried at cost less any accumulated amortization and accumulated impairment losses, if any. The useful life of the intangible assets is as follows:
The intangible assets with finite lives are amortized over their useful economic life and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortization period and the amortization method for an intangible asset with a finite useful life are reviewed at least at the end of each reporting period. The amortization expense on intangible assets with finite lives is recognized in the consolidated income statement in the line “net other operating income”. Impairment of goodwill and other non-financial assets (excluding inventories and deferred tax assets) Impairment tests on goodwill and other intangible assets with indefinite useful economic lives or capitalized development expenses which are not amortized yet, are undertaken annually at the financial year end. Other non-financial assets and goodwill are subject to impairment tests whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. Where the carrying value of an asset exceeds its recoverable amount (i.e. the higher of value in use and fair value less costs to sell), the asset is written down accordingly. Where it is not possible to estimate the recoverable amount of an individual asset, the impairment test is carried out on the smallest Group of assets to which it belongs for which there are separately identifiable cash flows: its cash generating units (CGUs). Goodwill is allocated on initial recognition to each of the Group’s CGUs that are expected to benefit from the synergies of the combination giving rise to the goodwill. The Group bases its impairment calculation on detailed budgets and forecast calculations, which are prepared separately for each of the Group’s CGUs to which the individual assets are allocated. These budgets and forecast calculations generally cover a period of five years. For longer periods, a long-term growth rate is calculated and applied to future cash flows projected after the fifth year. Impairment charges are included in profit or loss, except, where applicable, to the extent they reverse gains previously recognized in other comprehensive income. An impairment loss recognized for goodwill is not reversed. Where goodwill forms part of a cash-generating unit and part of the operation within that unit is disposed of, the goodwill associated with the operation disposed of is included in the carrying amount of the operation when determining the gain or loss on disposal of the operation. Goodwill disposed of in this circumstance is measured based on the relative values of the operation disposed of and the portion of the cash-generating unit retained. Inventories and Contracts in progress Inventories are valued at the lower of cost and net realizable value. Costs incurred in bringing each product to its present location and condition are accounted for as follows:
Net realizable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and the estimated costs necessary to make the sale. A write-off of inventories is estimated based on an ageing or rotation analysis. Work in progress relates to production of inventory for which a customer has not yet been secured, while contracts in progress are contract assets that relate to production for specific customers in performance of a signed contract. We refer also to the accounting policy on revenue recognition. Financial assets Financial assets are classified at initial recognition, and subsequently measured as at amortised cost, fair value through other comprehensive income (OCI), and fair value through profit or loss. The classification of financial assets at initial recognition depends on the financial asset’s contractual cash flow characteristics and the Group’s business model for managing them. With the exception of trade receivables that do not contain a significant financing component or for which the Group has applied the practical expedient, the Group initially measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs. Trade receivables that do not contain a significant financing component or for which the Group has applied the practical expedient are measured at the transaction price. For purposes of subsequent measurement, financial assets are classified in four categories:
Financial assets measured at amortized cost This category is the most relevant to the Group. The Group measures financial assets at amortised cost if both of the following conditions are met:
Financial assets, trade and other receivables, cash and cash equivalents at amortised cost are subsequently measured using the effective interest (EIR) method and are subject to impairment. Gains and losses are recognised in profit or loss when the asset is derecognised, modified or impaired. Financial assets at fair value through OCI with recycling of cumulative gains and losses (debt instruments) The Group currently does not have financial assets at fair value through OCI with recycling of cumulative gains and losses. Financial assets designated at fair value through OCI with no recycling of cumulative gains and losses upon derecognition (equity instruments) The Group has irrevocably elected at initial recognition to classify the minority interest in the non-listed equity investment Essentium Inc, as disclosed in Note 10 and Note 20, as a financial asset designated at fair value through OCI as this measurement is most representative of the business model for this asset. Gain and losses on these financial assets are never recycled to profit and loss. Dividends are recognised as other operational income in the consolidated income statement when the right of payment has been established, except when the Group benefits from such proceeds as a recovery of part of the cost of the financial asset, in which case, such gains are recorded in OCI. Equity instruments designated at fair value through OCI are not subject to impairment assessment. Financial assets measured at fair value through profit or loss The Group does not currently have financial assets classified as financial assets at fair value through profit or loss except for a call option on non-controlling interests in RapidFit+ as disclosed in Note 13 and the derivatives, which are carried in the statement of financial position at fair value with changes recognized in the income statement in the lines financial income/expense. Derecognition A financial asset is derecognized when:
Impairment of financial assets Further disclosures relating to impairment of financial assets are also provided in Note 3 Significant accounting judgments, estimates and assumptions. The Group recognises an allowance for expected credit losses (ECLs) for all debt instruments not held at fair value through profit or loss. For trade receivables and contract assets, the Group applies a simplified approach in calculating ECLs. A loss allowance is recognized at each reporting date based on lifetime ECLs. The Group established a provision matrix that is based on its historical loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment. For all other receivables, ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms. ECLs are recognised in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12-months (a 12-month ECL). For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL). Financial liabilities All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. The Group’s financial liabilities include trade and other payables, loans and borrowings including bank overdrafts and derivative financial instruments including written put options over non-controlling interests. Financial liabilities at amortized cost The trade and other payables, and loans and borrowings are classified as financial liabilities at amortized cost. Those financial liabilities are measured at amortized cost using the effective interest rate method. Gains and losses are recognized in the income statement when the liabilities are derecognized as well as through the effective interest rate method amortization process. Financial liabilities at fair value through profit and loss The derivative financial instruments are classified as financial liabilities at fair value through profit and loss except for the written put options on non-controlling interests which is disclosed below. Written put options on non-controlling interest The Group recognizes a financial liability for the written put options on non-controlling interest. The written put options have a variable redemption price based on a formula as specified in the contract (see Note 13).
Compound financial instruments The Group has issued convertible debt which is accounted for as a compound financial instrument. For those instruments, the Group determines the carrying amount of the liability component by measuring the fair value of a similar liability (including any embedded non-equity derivative features) that does not have an associated equity component. The carrying amount of the equity instrument is then determined by deducting the fair value of the financial liability from the fair value of the compound financial instrument as a whole. Derecognition A financial liability is derecognized when the obligation under the liability is discharged or cancelled or expires. Offsetting Financial assets and financial liabilities are offset and the net amount is reported in the consolidated statement of financial position if there is a currently enforceable legal right to offset the recognized amounts and there is an intention to settle on a net basis, or to realize the assets and settle the liabilities simultaneously. Share capital Financial instruments issued by the Group are classified as equity only to the extent that they do not meet the definition of a financial liability or financial asset. The Group’s ordinary shares are classified as equity instruments. Provisions Provisions are recognized when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. Pensions benefits The Group has a defined contribution obligation where the Group pays contributions based on salaries to an insurance company, in accordance with the laws and agreements in each country. The Belgian defined contribution pension plans are by law with variable minimum returns based on the Belgian government bonds, with a minimum of 1.75% and a maximum of 3.75%, effective for contributions paid as from 2016. For contribution paid until 2015, the minimum guaranteed return is 3.25% on employer contributions and 3.75% on employee contributions. These plans qualify as defined benefit plans. Contributions are recognized as expenses for the period in which employees perform the corresponding services. Outstanding payments at the end of the period are shown as other current liabilities. Those plans are accounted for as a defined benefit plan however are considered not material. Share based payments Directors and employees (including senior executives) of the Group receive remuneration in the form of share-based payments, whereby employees render services as consideration for equity instruments (equity-settled transactions). The Group currently has only warrants and share-appreciation rights as share-based payments. Equity-settled transactions Equity-settled share-based payments to employees and others providing similar services are measured, indirectly, at the fair value of the equity instruments granted. The cost of equity-settled transactions is recognized, together with a corresponding increase in other capital reserves in equity, over the period in which the performance and/or service conditions are fulfilled. The cumulative expense recognized for equity-settled transactions at each reporting date until the vesting date reflects the extent to which the vesting period has expired and the Group’s best estimate of the number of equity instruments that will ultimately vest. The income statement expense or credit for a period represents the movement in cumulative expense recognized at the beginning and end of that period and is recognized as employee benefits expense. The Group does currently only have equity-settled share-based payments that have service-based vesting conditions and no instruments with market vesting conditions. No expense is recognized for awards that do not ultimately vest. When the terms of an equity-settled award are modified, the minimum expense recognized is the expense as if the terms had not been modified, if the original terms of the award are met. An additional expense is recognized for any modification that increases the total fair value of the share-based payment transaction, or is otherwise beneficial to the employee as measured at the date of modification. When an equity-settled award is cancelled, it is treated as if it vested on the date of cancellation, and any expense not yet recognized for the award is recognized immediately. This includes any award where non-vesting conditions within the control of either the entity or the employee are not met. However, if a new award is substituted for the cancelled award, and designated as a replacement award on the date that it is granted, the cancelled and new awards are treated as if they were a modification of the original award, as described in the previous paragraph. Cash-settled transactions The Group has cash-settled share-based payment transaction for certain employees in certain countries due to legal requirements (in the form of share-appreciation rights). The cost of cash-settled transactions is measured initially at fair value at the grant date. This fair value is expensed over the period until the vesting date with recognition of a corresponding liability. The liability is remeasured to fair value at each reporting date up to, and including the settlement date, with changes in fair value recognized in employee benefits expense. Revenue from contracts with customers The Group’s revenue, which is presented net of sales taxes, is primarily generated by the sale of our software and 3D printed products and services. Software revenue is comprised of perpetual and periodic licenses, maintenance revenue and software development service fees. Perpetual license holders may opt to take an annual maintenance contract, which leads to annual fees. Periodic licenses entitle the customer to maintenance, support and product updates without additional charge. Revenue from prototypes and end products involving 3D printing technology is derived from our network of production centers and may include support and services such as pre-production collaboration prior to the actual production. The Group sells its products and software through its direct sales force and through authorized distributors. Software license revenue, maintenance and/or software development service fees may be bundled in one arrangement, or may be sold separately. The Group recognizes revenue for goods including software based on the five-step model as a result of the application of IFRS 15 since January 1, 2018.
The impact of the application of IFRS 15 is discussed in Note 2. Basis of preparation. Revenue from contracts with customers is recognized when control of the goods or services are transferred to the customer at an amount that reflects the consideration to which the Group is expected to be entitled in exchange from those goods and services. If the consideration in a contract includes a variable amount, the Group estimates the amount of consideration to which it will be entitled in exchange for transferring the goods to the customer. The variable consideration is estimated at contract inception and constrained until it is highly probable that a significant revenue reversal in the amount of cumulative revenue recognised will not occur when the associated uncertainty with the variable consideration is subsequently resolved. Variable consideration is mainly related to quantities sold, volume (step-based) rebates and development time spend. Prototypes and end products involving 3D printing technology The Group recognizes revenue on the sale of goods to the customer or distributor at a point in time when control of the asset is transferred, generally upon shipment or delivery taking into account the shipment terms (usually Ex-works or FOB Time of Shipment Incoterms (International Commercial Terms)). Perpetual licensed software The sale and/or license of software products is deemed to have occurred at a point in time, i.e. when a customer either has taken possession of or has the ability to take immediate possession of the software and the software key. Perpetual software licenses can include one year maintenance and support services as a separate performance obligation. The Company sells these maintenance services also on a stand-alone basis and is therefore capable of determining their stand-alone selling price. On this basis, the amount of the embedded maintenance is separated from the fee for the perpetual license and is recognized ratably over the period to which they relate. Time-based licensed software The time-based license agreements include the use of a software license for a fixed term and maintenance and support services during the same period. The Company does not sell time-based licenses without maintenance and support services and therefore revenues is satisfied over time for the entire arrangements and is recognized ratably over the term. Maintenance and support services Maintenance and support services are satisfied over time and as such, the Group recognizes this revenue ratably on a straight-line basis over the term that the maintenance service is provided. In general, maintenance services are not automatically renewed. A maintenance and support contract may include a reinstatement for previous years when the customer did not have a maintenance and support contract previously. Revenue from reinstatements are recognized immediately when the maintenance and support services commence. Software development services (SDS) SDS include customized development of software components for customers. Revenue from SDS agreements when distinct from other performance obligations is satisfied over time. Revenue is then recognized either on time and material basis or on the stage of completion of each service contract and when the stage of completion can be measured reliably. The Company determines the percentage-of-completion by comparing labor hours incurred to-date to the estimated total labor hours required to complete the project. The Company considers labor hours to be the most reliable available measure of progress on these projects. Adjustments to the Company’s estimates of the time to completion are made when facts resulting in a change become known. When the estimate indicates that a loss will be incurred, such loss is recognized immediately. Contracts with multiple performance obligations The Group has entered into a number contracts with multiple performance obligations, such as when selling perpetual licenses that may include maintenance and support (included in price of perpetual licenses) and time-based licenses (that include embedded maintenance and support, both of which may be sold with software development services, training, and other product sales). In some cases, the Group delivers software development services bundled with the sale of the software. The Group evaluates whether each performance obligation is distinct from each other, i.e. the customer can benefit from the good or service on its own, or with readily available resources. Certain development services significantly modify and/or enhance the software license and as such are not considered distinct and combined with the software license. In those contracts, whether sold to end-customers or to collaboration partners, the Group uses either price list, historical pricing information or management’s best estimate of selling prices (e.g. also using a cost-plus method) to determine the stand-alone selling price for each distinct performance obligation, including software and software-related services such as maintenance and support. In general, elements in such arrangements are also sold on a stand-alone basis and stand-alone selling prices are readily available. Revenue is allocated to each distinct performance obligation ("PO") based on the relative percentage of the stand-alone selling price for each PO compared to the total of stand-alone selling prices for all PO over the total transaction price and is recognized when the revenue recognition criteria described above are met. Contracts with collaboration partners in the medical segment also include multiple elements such as software, maintenance and support services, training, software development services, 3D printed products and royalties. Revenue from those contracts is determined and recognized consistent with other multiple element arrangements. For certain contracts with collaboration partners, the Company also receives up-front fees, paid by customers for certain exclusivity rights granted only on previously acquired perpetual software licenses, which may be bundled with transfer of title, rights and ownership of certain software products and maintenance and support services. In case the up-front fees do not relate to already delivered good or services, the Group include the up-front fees in the total transaction price which is then allocated to all the distinct performance obligations. Other contracts with collaboration partners include prepaid fees to purchase a maximum number of "Plan Only" cases during a 12-month period. In this case, the prepaid fees are recognized over the period of 12 months based on the expected number of "Plan Only" cases that will be purchased. Contract assets A contract asset is the right to consideration in exchange for goods or services transferred to the customer. If the Group performs by transferring goods or services to a customer before the customer pays consideration or before payment is due, a contract asset is recognised for the earned consideration that is conditional. Contract assets are only contracts in progress that are disclosed with the line inventory and contracts in progress in the statement of financial position. We refer to our accounting policies regarding Inventories and Contracts in Progress Contract liabilities A contract liability is the obligation to transfer goods or services to a customer for which the Group has received consideration (or an amount of consideration is due) from the customer. If a customer pays consideration before the Group transfers goods or services to the customer, a contract liability is recognised when the payment is made or the payment is due (whichever is earlier). Contract liabilities are recognised as revenue when the Group performs under the contract. Contract liabilities are presented as deferred income in the statement of financial position. Contract costs The Group does not have significant costs to obtain contracts and those costs are expensed as incurred. The Group may have costs incurred in fulfilling contracts that are accounted for as intangible assets. When those costs are not in scope of another standards, these costs are accounted for under contracts in progress (see contract assets). For certain contracts, the Group may have significant software development expenses that are not considered a "distinct performance obligation" which are accounted for as an intangible assets. The Group evaluates whether those costs meet the recognition criteria for an intangible assets and when criteria are not met, expenses those costs as incurred. Government grants Government grants are recognized when there is reasonable assurance that the grant will be received and all attached conditions will be complied with. When the grant relates to development costs or another expense, it is recognized as income over the grant period necessary to match the income on a systematic basis to the costs that it is intended to compensate. When the grant relates to the construction of buildings, it is recognized as income over the depreciation period of the related building. Such grants have been received from the federal and regional governments and from the European Union in the forms of grants linked to certain of its research and development programs, reduced payroll taxes and the financing of the construction of an office building in Leuven (Belgium) and in Freiberg (Germany). Where retention of a government grant related to assets or to income, is dependent on the Company satisfying certain criteria, it is initially recognized as deferred income. When the criteria for retention have been satisfied, the deferred income balance is released to other operating income in the consolidated income statement on a systematic basis over the periods in which the entity recognizes as expenses the related costs for which the grants are intended to compensate. Any government grants recognized as income do not have any unfulfilled conditions or other contingencies attached to them, as otherwise we would not be recognizing income for such. Other financial income and expenses Other financial income and expenses include mainly foreign currency gains or losses on financial transactions and bank related expenses. Taxes Current income tax Income tax assets and liabilities for the current period are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted, at the reporting date. Current income tax relating to items that are recognized directly in equity is recognized in equity and not in the income statement. Management periodically evaluates positions taken in the tax returns with respect to situations in which applicable tax regulations are subject to interpretation and establishes provisions where appropriate. Deferred tax Deferred tax is calculated using the liability method on temporary differences at the reporting date between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes. Deferred tax liabilities are recognized for all taxable temporary differences. Deferred tax assets are recognized for all deductible temporary differences, carry forward of unused tax credits and unused tax losses, to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carry forward of unused tax credits and unused tax losses can be utilized. The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilized. Unrecognized deferred tax assets are reassessed at each reporting date and are recognized to the extent that it has become probable that future taxable profits will allow the deferred tax asset to be recovered. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the asset is realized or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date. Deferred tax assets and deferred tax liabilities are offset, if a legally enforceable right exists to set off current tax assets against current income tax liabilities and the deferred taxes relate to the same taxable entity and the same taxation authority. Sales tax Revenue, expenses and assets are recognized net of the amount of VAT, except:
The net amount of sales tax recoverable from, or payable to, the taxation authority is included as part of receivables or payables in the statement of financial position. New and revised standards not yet adopted The standards and interpretations that are issued, but not yet effective, up to the closing date of the Group’s financial statements are disclosed below. Of those standards that are not yet effective, IFRS 16 Leases is expected to have a material impact on the Group’s financial statements in the period of initial application. IFRS 16, Leases The Group is required to adopt IFRS 16 Leases from January 1, 2019. The Group has assessed the estimated impact that initial application of IFRS 16 will have on its consolidated financial statements, as described below. The actual impacts of adopting the standard on January 1, 2019 may change because:
IFRS 16 introduces a single, on-balance sheet lease accounting model for lessees. A lessee recognises a right-of-use asset representing its right to use the underlying asset and a lease liability representing its obligation to make lease payments. There are recognition exemptions for short-term leases and leases of low-value items. Lessor accounting remains similar to the current standard – i.e. lessors continue to classify leases as finance or operating leases. IFRS 16 replaces existing leases guidance, including IAS 17 Leases, IFRIC 4 Determining whether an Arrangement contains a Lease, SIC-15 Operating Leases – Incentives and SIC-27 Evaluating the Substance of Transactions Involving the Legal Form of a Lease. The Group will, where it acts as a lessee, recognise new assets and liabilities for its operating leases of buildings, vehicles and machinery & equipment. The nature of expenses related to those leases will now change because the Group will recognise a depreciation charge for right-of-use assets and interest expense on lease liabilities. Previously, the Group recognised operating lease expense on a straight-line basis over the term of the lease, and recognised assets and liabilities only to the extent that there was a timing difference between actual lease payments and the expense recognised. No significant impact on income statement is expected for the Group’s finance leases. Based on the information currently available, the Group estimates that it will recognise additional lease liabilities of K€4,998 as at January 1, 2019 and estimated annual depreciation expense of K€2,483. The Group plans to apply IFRS 16 initially on January 1, 2019, using the modified retrospective approach with the Right-of-Use asset equal to the lease liability. Therefore, there will be no restatement of comparative information. The Group plans to apply the practical expedient to grandfather the definition of a lease on transition. This means that it will apply IFRS 16 to all contracts entered into before January 1, 2019 and identified as leases in accordance with IAS 17 and IFRIC 4. The other standards, interpretations and amendments issued by the IASB and relevant for the Group, but not yet effective are not expected to have a material impact on the Group’s future consolidated financial statements:
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| X | ||||||||||
- Definition The entire disclosure for significant accounting policies applied by the entity. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- References No definition available.
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Business combinations |
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| Disclosure of detailed information about business combination [abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Disclosure of business combinations [text block] |
Acquisitions in 2018 The Group has not completed any Business Combinations during the year 2018. Acquisitions in 2017 ACTech The Group has signed a share and purchase agreement on October 4, 2017 to acquire all of the shares and voting interest of ACTech Holding Gmbh, an entity incorporated in Germany, and its subsidiaries ACTech Gmbh and ACTech North America Inc. (together referred to as “ACTech Group”) for a total purchase consideration in cash of K€28,907 (net of indemnification asset). The German-based ACTech Group is specialist in producing limited runs of highly complex cast metal parts in a short timeframe. ACTech Group will be part of the Manufacturing segment. The fair value of the identifiable assets and liabilities at the date of acquisition were:
The cash flow from the business combination is as follows:
The fair value of the identifiable assets and liabilities as included in our consolidated financial statements per December 31, 2017 were provisional as the final valuation had not been completed by the date these consolidated financial statements were approved for issue by the board of directors. As of October 4, 2018, we have completed the fair value analysis of the ACTech business combination, which corresponding adjustments to the intangible assets, property, plant and equipment, inventories and contracts in progress, other current assets, investment grants and tax payables. The fair value of the identified assets and liabilities were K€2,432 higher than the provisional valu at date of acquisition, with a corresponding reduction in goodwill. We refer to Note 2 for the detailed impact of the restatement resulting from the final accounting of the ACTech business combination. The accounting for the business combination resulted in fair values at date of acquisition of K€17,092 for customer relationships, K€515 for patented technology, K€826 for order backlog, and K€511 for tax contingencies subject to an indemnification asset. The fair value of the receivables is K€5,176 which equals the gross contractual amounts receivable. Fair value analysis with respect to property, plant and equipment led to a fair value of K€20,229. A fair value adjustment was identified of K€433 for the inventory. The deferred tax liabilities comprise the tax effect of the fair value adjustments for the above described items. The purchase price paid at the acquisition date amounted to K€29,418. The share and purchase agreement foresees that the Sellers will indemnify the Group for certain tax payables and contingencies that may occur in the period between 2018 and 2021. An amount of K€3,788 has been paid in an escrow account which can be applied against the indemnification asset. The Group has estimated that the fair value of the indemnification asset is K€511 which has been applied against the acquisition price. The indemnification asset will be paid out of the escrow account when the related tax payables and contingencies are paid. There are no contingent considerations payable. The goodwill recognized is primarily attributable to the trained and knowledgable workforce and to the expected synergies that will be realized at level of software platforms, manufacturing and existing customer base. The goodwill is not deductible for income tax purposes. The total acquisition-related costs recognized as an expense in the general & administration costs are K€609. The contribution of the acquired business to the revenue and net profit of the Group for the year ended December 31, 2017 were, respectively, K€9,965 and K€275. The pro forma revenue and the pro forma net profit of the acquired business would have been K€37,096 and K€2,060, respectively, if the business would have been acquired on January 1, 2017. Acquisitions in 2016 The Group has not completed any Business Combinations during the year 2016. Changes in the measurement of the contingent consideration for previous acquisitions Cenat The Group signed a sale and purchase agreement on March 10, 2015 to acquire all of the shares and voting interests of Cenat BVBA for a consideration in cash of K€1,547 and a contingent consideration related to certain targets set over the coming years between K€0 and K€2,250. The fair value of this contingent consideration was estimated at time of final accounting (December 31, 2015) at K€1,310. Based on the historical results and the forecasted financial information for the period 2018 to 2019 the Group has re-estimated the fair value of the contingent consideration at December 31, 2016 to K€905, and maintained this estimate per December 31, 2017. In the course of 2018 a payment of K€263 was made to the former shareholders. And on December 24, 2018 an agreement was signed determining that the only remaining and final consideration to be paid amounts to K€450, payable by the Group to the former shareholders in the course of early 2019. As at December 31, 2018 a payable of K€450 has been recorded under the other current liabilities (we refer to Note 19). The impact of the remeasurement has been recorded in the line “net other operating income” in the consolidated income statement. This final consideration was paid on January 21, 2019. |
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- References No definition available.
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| X | ||||||||||
- Definition The entire disclosure for business combinations. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Goodwill |
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| Disclosure of goodwill [abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Disclosure of goodwill [text block] |
The goodwill has been allocated to the cash generating units (“CGU”) as follows:
The changes in the carrying value of the goodwill can be presented as follows for the years 2018, 2017 and 2016:
The goodwill of Orthoview (UK) and of e-Prototypy (PL) include respectively K€ (37) and K€ (24) impact of currency translation in 2018. The Group has performed an impairment test based on a discounted cash flow model with cash flows for the next five years derived from the budget and a residual value considering a perpetual growth rate. The MAT NV SAM BE and Cenat are included in the reportable segment “Materialise Software”. The CGU ACTech, e-Prototypy (PL) and MAT NV Manufacturing (Metal) are included in the reportable segment “Materialise Manufacturing”. The CGU Orthoview (UK) is included in the reportable segment “Materialise Medical”.
CGU: MAT NV SAM (BE) The goodwill allocated to the CGU MAT NV SAM (BE) relates to the goodwill from the acquisition of CENAT in 2015 and the goodwill related to the acquisition of Marcam in 2011 (DE-3D Printing Software). The impairment test is based on the projected discounted cash flows resulting from the CGU MAT NV SAM BE, considering a period of five years. The main assumptions for goodwill impairment testing include a pre-tax discount rate (based on WACC) of 12.82% and a perpetual growth rate of 1.71%. Other assumptions include the year-on-year growth rate of the revenue, gross margin and the operating costs which has been determined by management based on past experience. It was concluded that the value in use is higher than the carrying value of the cash generating unit of €36.7 million. There are no reasonable changes in assumptions that would reduce the value in use below its carrying value of the cash generating unit. CGU e-Prototypy The goodwill relates to the acquisition of the Polish entity e-Prototypy . The impairment test on the CGU e-Prototypy is based on the projected discounted cash flows considering a period of five years. The main assumptions include a pre-tax discount rate (based on WACC) of 12.47% and a perpetual growth rate of 5.00 %. Other assumptions include the year-on-year growth rate of the revenue, gross margin and the operating costs which has been determined by management based on past experience and continued investments in capex in new 3D printing equipment. It was concluded that the value in use is significantly higher than the carrying value of the cash generating unit of €3.87 million. Based on the sensitivity analysis where discount rate would increase with 1 %, the value in use would still be significantly higher than the carrying value of the cash generating units. Based on the sensitivity analysis that the five-year projections would be 10 % lower or a perpetual growth rate which is 2% lower, the value in use would still be significantly higher than the carrying value of the cash generating units. CGU Orthoview The goodwill relates to the acquisition of Orthoview. The impairment test on the CGU Orthoview is based on the projected discounted cash flows considering a period of 5 years .The main assumptions include a pre-tax discount rate (based on WACC) of 13.27% and a perpetual growth rate of 2.00%. Other assumptions include the year-on-year growth rate of the revenue, gross margin and the operating costs which have been determined by management based on past experience. It was concluded that the value in use is higher than the carrying value of the cash generating unit of €9.70 million. Based on the sensitivity analysis where discount rate would increase with 1%, the value in use would still be higher than the carrying value of the cash generating unit. A reasonable change in the perpetual growth by 2% or overall 10% lower five-year projections still result in a value in use that is higher than the carrying value of the cash generating unit. The Orthoview business is being integrated further in the existing software business within our Materialise Medical segment. Synergies that are expected from joined product lines are not taken into account in the current impairment review as management believes that Orthoview can still be considered a separate cash generating unit in 2018. CGU ACTECH The impairment test on the CGU ACTech is based on the projected discounted cash flows, considering a period of 5 years. The main assumptions include a pre-tax discount rate (based on WACC) of 13.95 % and a perpetual growth rate of 1.57 %. Other assumptions include the year-on-year growth rate of the revenue, gross margin and the operating costs which have been determined by management based on past experience. It was concluded that the value in use is higher than the carrying value of the cash generating unit of €26.7 million. Based on the sensitivity analysis where discount rate would increase with 1 % or other reasonable changes in the 5-year projected cash flows (such as lower EBITDA) and perpetual growth rate, the value in use would be higher than the carrying value of the cash generating unit. |
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- Definition The disclosure of goodwill. [Refer: Goodwill] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- References No definition available.
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Intangible assets |
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| Disclosure of detailed information about intangible assets [abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Disclosure of intangible assets [text block] |
The changes in the carrying value of the intangible assets can be presented as follows for the years 2018, 2017 and 2016:
Patent and licenses include only the direct attributable external costs incurred in registering the patent and obtaining the license. Software relates to purchased software for internal use only except for software development on certain application interfaces that were almost fully funded by a third party. Apart from the developed technology and software under construction that was capitalized per end of 2018 for the amount of K€1,315, no other software development was capitalized in 2018 (2017: K€86, 2016: K€39). The remaining amortization period is 1.5 years for the main software purchases and 8.1 years for the main patents and licenses. The ‘Acquired customers and technology’ have been recognized as part of the acquisition of ACTech, E-Prototypy, OrthoView, and Cenat (see Note 4). At December 31, 2018, the remaining amortization period for the acquired customers is 18.75 years for ACTech, 5.75 years for OrthoView, fully amortized for E-Prototypy and 6.25 years for Cenat (2017: 6.75 years for OrthoView, 1.00 years for E-Prototypy and 7.25 years for Cenat). At December 31, 2018, the remaining amortization period for the acquired technology of ACTech, Orthoview and Cenat are 5.75 years, 1.75 years and 6.25 years, respectively. The developed technology and software relate to two projects that meet the criteria for recognition as internally developed intangible asset (see also Note 2: significant accounting judgments, estimates and assumptions). Those assets are still being constructed and consequently are not amortized. The Group has performed an impairment analysis on those assets which resulted in no impairment. The key assumptions used are:
The total amortization charge for 2018 is K€5,064 (2017*: K€3,822; 2016: K€1,954). As from 2017 the amortization of intangible assets from business combinations is mainly included in the line net operating income of the consolidated income statement. We refer to Note 2 for additional information. |
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- References No definition available.
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- Definition The entire disclosure for intangible assets. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Property, plant & equipment |
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| Disclosure of detailed information about property, plant and equipment [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Disclosure of property, plant and equipment [text block] |
The changes in the carrying value of the property, plant & equipment can be presented as follows for the year 2018 and 2017:
The changes in the carrying value of the property, plant and equipment can be presented as follows for the year 2016:
The investments in property, plant & equipment in 2018 amounted to K€18,557 (2017: K€30,517;2016: K€15,306) and mainly related to new machines and installations in Belgium and Germany (K€10,747), land and buildings in Germany (K€2,491), IT equipment (K€1,781) and leased vehicles (K€792). The investments in 2017 related to the building constructions in Leuven and Poland (K€12,762), the investment into new machines and installations (acquired and leased – K€11,947) and the investment in motor vehicles (K€1,444). The investments in 2016 related to the acquisition of land in Leuven and Poland (K€6,098) and the investment into new machines and installations (acquired and leased – K€8,254) and the investment in computer equipment (K€890). The Group realized a net loss on disposal of property, plant and equipment of K€83 in 2018 (2017: a net loss of K€25; 2016: a net gain of K€ (149)). No impairment of property, plant and equipment was recorded. Finance leases The carrying value of finance leases at December 31, 2018 was K€5,886 (2017: K€7,680; 2016: K€7,771). Finance leases are included in the column leased assets and mainly relate to 3D printing machines with a carrying value of K€4,608 at December 31, 2018 (2017: K€6,613; 2016: K€7,771) and for which depreciation of K€1,745 was recorded in 2018 (2017: K€1,864; 2016: K€1,663). New finance leases in 2018 amount to K€792 of which K€792 relate to leased motor vehicles (2017:K€1,596; 2016:K€2,757). Assets under construction Both in 2018 and 2017, the assets under construction mainly relate to machinery and installations in Belgium, Poland and Germany. Per end of 2018 the main asset under construction related to installations for our medical segment for an amount of K€937, located in Belgium. In 2016 the assets under construction mainly included the building of the new production and office facility in Belgium and Poland (K€6,098) as well as the construction and upgrade of 3D printing machines, transferred to land & buildings and plant & equipment, respectively, in 2017. Borrowing costs In 2018, no borrowing costs have been capitalized (2017: K€87; 2016: K€0). Pledges Land and buildings (including buildings under construction) with a carrying amount of K€27,319 (2017: K€28,526; 2016: K€12,594) are subject to pledges to secure several of the Group’s bank loans. In addition, pledges have been given on current and other fixed assets with a total carrying amount of K€3,533 (2017: K€13,340; 2016: K€0) (Note 24).
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- References No definition available.
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- Definition The entire disclosure for property, plant and equipment. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Investments in joint ventures |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Disclosure of joint ventures [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Disclosure of joint ventures [text block] |
The Group has one investment in the joint venture RSPrint NV (Belgium). The summarized financial information of RSPrint NV can be presented as follows:
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